President Donald Trump on Saturday announced he will be placing a 30% tariff on goods from Mexico and the European Union, marking a significant escalation between the United States and two of its biggest trade partners.

Canada became the latest country to be slapped with increased tariffs by the Trump administration on Thursday. Starting August 1,

Doubling down on his trade wars, President Trump is threatening to raise taxes on many goods from Canada and punish Brazil for prosecuting his friend.

Trump threatened to escalate tariffs beyond 35% if Canada opts to retaliate with tariffs on U.S. goods. Canadian goods are also subject to sector-specific tariffs, such as 50% levies on steel and aluminum as well as 25% tariffs on non-USMCA compliant autos and auto parts.

Canadian Prime Minister Mark Carney says Canada will keep working toward a new trade framework with the United States despite U.S. President Donald Trump saying he'll raise taxes on many imported good

The president revived his discredited claims about fentanyl entering the U.S. from Canada to justify his latest proposed rate of 35 percent.

The United States currently imposes 20% tariffs on all products imported from Canada, which will increase to 35% in August

President Trump said Wednesday he would impose a 50% tariff on goods from Brazil next month, citing the criminal prosecution of former Brazilian President Jair Bolsonaro, which Mr. Trump called an "international disgrace.